Dubai was raised to overweight from neutral at EFG-Hermes Holding SAE as the Arabian Gulf business hub restructures its debt, economic growth accelerates and its property industry shows signs of recovery.
“Macro environment continues to strengthen” in Dubai, analysts Fahd Iqbal and Simon Kitchen wrote in research note dated today. “Debt restructuring will no longer be a major overhang by year-end, with no government-related entities expected to default.”
The biggest Arab investment bank maintained its overweight recommendation on Saudi Arabia, the biggest Arab economy, Qatar and Oman. “We see a further 10 percent upside for Middle East and North Africa in 2012, with large cap stocks outperforming,” according to the note.
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